By Devika Patel
Knoxville, Tenn., July 15 - International Bio Recovery Corp. said it has arranged a C$1 million non-brokered private placement of units.
The company will sell 14,285,714 units of one common share and one warrant at C$0.07 each. The warrants are exercisable at C$0.12 each for two years.
Proceeds will be used for operating expenses, production and to enhance the company's research and development capabilities.
Based in Vancouver, B.C., International Bio Recovery is an environmental biotech company with a proprietary technology to convert organic waste into high value, progressive soil fertility products.
| Issuer: | International Bio Recovery Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1 million
|
| Units: | 14,285,714
|
| Price: | C$0.07
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.12
|
| Agent: | Non-brokered
|
| Pricing date: | July 15
|
| Stock symbol: | TSX Venture: IBR
|
| Stock price: | C$0.09 at close July 14
|
| Market capitalization: | C$4.37 million
|
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